Texas County & District Retirement System, Austin, disclosed new private equity and real estate commitments totaling $155 million.
The $41.7 billion pension fund completed commitments of $70 million and $10 million, respectively, to growth equity funds Spectrum Equity X-A and Spectrum Equity Discretionary Overage Program III on July 20 and a commitment of $75 million to Pennybacker VI, a value-added real estate fund managed by Pennybacker Capital, on Sept. 16, a transaction report on its website shows.
TCDRS previously committed $25 million to Spectrum Select Opportunities-A in 2021 and $50 million to Spectrum Equity IX-A in 2020.
Including the Spectrum Equity commitments, TCDRS has earmarked a total of $1.5 billion to 35 private equity/venture capital funds managed by 22 firms year-to-date through Sept. 30, according to the transaction report.
In all of 2021, TCDRS committed a total of $4.6 billion to 26 private equity and venture capital managers running 33 strategies, the 2021 transaction report showed.
TCDRS previously committed $94 million to Pennybacker V in 2019.
With the addition of the new Pennybacker fund, the pension fund has committed a total of $547 million to eight real estate funds run by seven managers year-to-date, according to the transaction report.
The pension fund had committed a total of $789 million to seven funds from seven real estate managers in all of 2021, that year's transaction report showed.
As of June 30, the pension fund's actual allocations to private equity and real assets were 27.6% and 9.9%, respectively; their respective targets are 25% and 10%.
